New Millennium Iron Corp. Announces Board Changes

CALGARY, ALBERTA--(Marketwire - Oct. 31, 2011) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) announced today that Mr. N.K. Misra, Mumbai, India, resigned as a director of the Corporation. The Tata Steel Group assigned him new duties as Executive Director, Finance, of Tata Steel Europe.

Lee Nichols, Non-Executive Chairman of NML, said "New Millennium Iron Corp. thanks Mr. N. K. Misra for his many contributions, especially in the arena of financial custodial services provided to New Millennium's Board of Directors. His tenure on the board brought sound, conservative advice to New Millennium's operations and strategic planning. We wish him well in his future endeavours at Tata Steel Europe."

Mr. Sandip Biswas has been appointed to the NML Board as a replacement. Mr. Biswas is currently the Group Director - (Corporate Finance and M & A) for Tata Steel Limited. In this role, he oversees the Tata Steel Group's financing strategies, capital structure, mergers and acquisitions, planning and execution of capital raising activities for both debt and equity, liquidity management, foreign exchange risk management, investor relations activities and corporate/legal affairs among other responsibilities. Prior to taking up this assignment, Mr. Biswas was Group Head - Corporate Finance, Treasury and Investor Relations, Chief Corporate Finance and Treasury, and Chief Foreign Exchange & Treasury Management for Tata Steel Limited.

Mr. Biswas is currently also serving as a Director of various Tata Steel subsidiaries and joint ventures both in India and abroad, namely Kalimati Investment Company Limited, Rujuvalika Investments Limited, Tata Steel Holdings Pte. Limited, Tulip Netherlands (No.1) B.V., Tata Steel Netherlands B.V., Tata Steel KZN (Pty) Limited, The Dhamra Port Company Limited, Black Ginger 461 (Proprietary) Limited, Tata Steel International (Singapore) Holdings Pte. Ltd., Orchid Netherlands (No.1) B.V., ProCO Issuer Pte. Ltd., Tata Steel Minerals UK Limited, Tata Steel Global Holdings Pte. Ltd., Tata Steel Global Minerals Holdings Pte. Ltd., Tata Steel Minerals Canada Limited, Tata NYK Shipping Pte. Limited, Singapore and Sedibeng Iron Ore (proprietory) Limited.

Before taking employment in Tata Steel, Mr. Biswas worked with American Express Bank, ANZ Grindlays Bank, First India Mutual Fund, CEAT Finance Ltd, Usha Martin Industries Ltd and Price Waterhouse.

Mr. Biswas is a member of the Institute of Chartered Accountants of India and also of the Institute of Company Secretaries of India. He holds a bachelor's degree in Commerce from The University of Calcutta.

Dean Journeaux, NML's President and CEO, said "Sandip will be a strong force in NML and Tata Steel's future development of the Taconite Project. In addition, his experience and knowledge of the international financial markets will be of great value to us in the development of NML's other 100% owned properties. We welcome him to the Board."

About New Millennium

The Corporation controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation is also advancing its DSO Project to near term production. Tata Steel Limited, one of the largest steel producers in the world, owns approximately 27% of New Millennium and is the Corporation's largest shareholder and strategic partner.

Tata Steel has exercised its exclusive option to participate in the DSO Project and has a commitment to take the resulting production (see news release 10-16 dated September 14, 2010). Tata Steel also has exercised its exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag Project (see news release 11-09 dated March 6, 2011).

The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of 29.3% Fe (see news release 06-13 dated July 5 2006 and news release 07-11 dated July 17, 2007); KéMag contains 2.1 billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated January 16, 2009).

NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 8.1 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03 dated February 11, 2009, news release 09-05 dated March 4, 2009, news release 09-16 dated December 9, 2009 and news release 10-12 dated July 8, 2010). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Corporation is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.

The Corporation's mission is to add shareholder value through the responsible and expeditious development of the Millennium Iron Range and other mineral projects to create a new large source of raw materials for the world's iron and steel industries. For further information, please visit www.NMLiron.com, www.tatasteel.com and www.tatasteeleurope.com.

Dean Journeaux, Eng., is the Qualified Person as defined in National Instrument 43-101 who has reviewed and verified the scientific and technical mining disclosure contained in this news release.

Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995 These forward-looking statements are made as of the date of this document and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.